In addition to their direct consumption, demand for pea protein for use in bakery is increasing. Pea protein is quickly gaining popularity as it is a non-allergen and non-GMO protein. Favourable consumer perception towards pea proteins is influencing food manufacturers to include it as an ingredient in their offerings.

Dietary supplementation will continue to be the largest application segment in 2016 as well, representing 40.5% revenue share of the global market. Bakery & snacks - another key application segment - will account for US$ 10.3 Mn worth of demand in 2016, and increase of 10.9% over 2015.

Among all pea protein types, concentrates will continue to account for highest demand, representing 32% revenue share of the global market in 2016.

North America will continue to lead global demand, and increase its revenue share to 35.3% in 2016. Widespread availability of raw materials and manufacturing companies in the region will continue to boost demand for pea proteins in the region.

Roquette Frères, Cosucra Groupe Warcoing and Nutri-Pea Limited are market leaders in the global pea protein landscape. The global pea protein market is highly fragmented, with the top three players accounting for nearly 50% revenue share in 2015. Leading companies are looking to expand their production capacity and launch new product offerings in a bid to cater to growing demand for pea protein. Developing economies will remain a key target market for pea protein manufacturers in 2016 and beyond.

Long-term outlook: FMI maintains a positive long-term outlook on the global pea protein market, estimating global revenues to surpass US$ 104 Mn by 2026. In terms of volume, the global pea protein market is anticipated to expand at a CAGR of 12.0% over 2016 - 2026.